The most basic example of a partnership is a general partnership, in which two or more parties share in the profits and losses of a company. The split between partners can be at any percentage point, with the percent owned determining the exact amount of the profit or liability retained.Know More
Partnerships are the most common types of multi-owner businesses in existence. To enter into a partnership, the parties involved must agree to a partnership split according to what each partner brings to the business. A partner may contribute funds, skills, property or anything else of accepted value in exchange for ownership.
The greatest advantage to a partnership is its simplicity. Earnings are split according to the partnership split, and taxes are paid by the individual parties based on each one's split of those earnings. Partnerships are also easy to set up, requiring only that an agreement be made between the partners.
The greatest disadvantage to a general partnership is one of liability. With a general partnership, the partners have unlimited liability for all debts of the business. This means that personal wealth outside of the business assets is in danger from collections if debts are unpaid. Even should the partnership dissolve or go bankrupt, the debts of the partnership can still be collected from the personal assets of any of the partners.Learn more about Business Resources
True open communication is where employees are encouraged to share their thoughts and concerns, both good and bad, without the worry of retaliation from management when the feedback is bad. Many companies claim to have open communication, but very few actually practice it.Full Answer >
A Realtor who highlights both the advantages and the drawbacks of a property because honesty is core to her beliefs, acts in accordance with virtue ethics. One of three major normative ethical theories, virtue ethics suggests that people act morally because of a fundamental belief in what is right.Full Answer >
About.com reports that business justification, or business case, explains the reasons to move forward with a proposed project or solution. The business justification delineates how the project or task meets the organization's needs or goals.Full Answer >
ABC Distributing was a company that specialized in home good and other products. The company let shoppers buy products through its website or its free catalog. As of April 2014, ABC Distributing is part of LTD Commodities.Full Answer >